ronald reagan was in the white house. over 18 years greenspan led the central bank of the world's chargest economy through good times and bad. now six years after he's left the job, his successor ben bernanke is warning of the danger of plunging over the fiscal cliff. i've been warning you about the catastrophic effects that could have on america's already fragile recovery. but some say that it's fear mongering. i spoke with allen greenspan who was in washington at a peterson foundation event to discuss the fiscal cliff and i asked him point blafrpnk, do you believe u.s. can go in a recession as a result of the fiscal cliff? >> most certainly. remember, all the forecasts come off models which didn't catch the 2008 crisis. and so you have to be very careful about using them to evaluate this type of problem. >> the last time washington faced the expiration of the bush era tax cuts in 2010, you said in interviews they should follow the law and let them expire for everyone. now putting aside the other parts of the fiscal clif